No Plans To Increase Qantas Stake

11 December 2000

British Airways has no plans to increase - or decrease - its shareholding in Qantas, the UK company said today, refuting weekend media speculation.

Rod Eddington, British Airways’ Chief Executive, said: “Both parties are happy with the current level of equity held by British Airways in Qantas and with the wide-ranging
co-operative agreements which support that. We see no reason to seek to change the size of our stake in Qantas.”

As a leading shareholder in the Australian airline, British Airways is supportive of its request to the Australian Government that it should raise the current ceiling limiting foreign investment in Qantas. This would provide a “level playing field” with its main competitors, enabling it to access the global capital markets available to other Australian and international airlines.

Neither British Airways nor Qantas, however, has lobbied for British Airways’ shareholding in Qantas to be increased.

When British Airways announced the appointment of Rod Eddington as Chief Executive in April this year, the airline pointed out that he would not be joining the Board of Qantas (as one of the UK company’s nominated directors) before next year. That remains the case. A statement would be issued if he were to be nominated as a director of Qantas.